Questions and answers about tax information under FATCA/CRS
What is TIN?
TIN is short for Taxpayer Identification Number.
Some countries do not issue separate TINs but use a similar identification number such as the Danish civil registration number (CPR) or business registration number (CVR).
Examples of TINs (private individuals):
- DK: Civil registration number (CPR-nr.)
- SE: Personnummer
- NO: Nationalt identitetsnummer
- USA: Social Security Number
Examples of TINs (companies):
- DK: Business Registration Number (CVR)
- SE: Organisationsnummer
- NO: Organisasjonsnummer
- USA: Employer Identification Number
Find further information about TIN
What is FATCA?
FATCA is an abbreviation of Foreign Account Tax Compliance Act. FATCA is US legislation which via an agreement between Denmark and the US has been implemented in Danish legislation. FATCA must ensure that everybody who is liable to pay tax in the US pays tax to the US.
What is CRS?
CRS is an abbreviation of Common Reporting Standard. This is an OECD agreement entered into between a number of countries that have committed themselves to exchange tax information.
Which clients does Jyske Bank investigate?
Jyske Bank is obliged to obtain information about for instance fiscal domicile when establishing a new client relationship. Moreover, we are obliged to investigate existing client relationships if the client may be liable to pay tax to a country other than Denmark.
Also, we must obtain or receive new information if the client's circumstances change including a change of the fiscal domicile.
Why does Jyske Bank investigate?
We are under a statutory obligation to obtain information about the fiscal domiciles of our clients, among other things, so that we can report tax information correctly.
How does Jyske Bank investigate?
When establishing new client relationships, we basically obtain information which is confirmed by the client in the Client Agreement. In existing client relationships we typically send the client a self-certification form which is completed by the client and returned to Jyske Bank.
Moreover, it may be necessary to sign a new client agreement if the client's circumstances change or if we receive new client information.
What happens to my information?
If your fiscal domicile is outside Denmark, we may be under an obligation to pass on information about you and financial information concerning your accounts and custody accounts to the Danish tax authorities (SKAT). SKAT exchanges such information with the tax authorities in the countries to which you are liable to pay tax.
What does Jyske Bank report to the Danish tax authorities (SKAT)?
We report name, address, TIN and financial information in the form of interest, dividend, the value of sale of securities and balances in accounts and custody accounts, among other things.
Am I liable to pay tax to the US?
USA has its own rules describing how to determine whether or not you are liable to pay tax to the US.
In general, private individuals are considered tax residents of the US if their address is in the US, if they are US citizens (inclusive of persons with dual citizenship), have a valid work permit (a so-called "Green Card") or have permanent residence in the US. If you are a resident of the US, you may be liable to pay tax to this country.
Persons born in the US are in general US citizens and hence liable to pay tax in the US unless they have abandoned their US citizenship.
US citizens residing outside the US are still liable to pay tax to the US, and therefore Jyske Bank is under an obligation to obtain tax information.
If you have abandoned your US citizenship, Jyske Bank shall be obliged to obtain documentation hereof.
Companies are in general considered to have their fiscal domicile in the US if the company has been founded and registered in the US and is headquartered in the US.
Specially for companies
Jyske Bank is obliged to obtain information about for instance fiscal domicile when establishing a new client relationship. In addition, we are obliged to categorise the companies on the basis of their activities and also we must, for instance, obtain information about the fiscal domiciles of the controlling persons.
For companies which we cannot categorise on the basis of registered and well-known information Jyske Bank is also obliged to obtain a self-certification form from the company. In certain instances, the self-certification form must, among other things, include information about the fiscal domiciles of the controlling persons. If the fiscal domiciles of the controlling persons are outside Denmark, we may be obliged to pass on information to SKAT.
A new self-certification form or client agreement may be required in case of changes to the company's information or the controlling persons.